BUTTER MARKET QUIET

New Zealand Herald, Volume LXX, Issue 21497, 22 May 1933, Page 5

BUTTER MARKET QUIET

PRICES SHADE EASIER LOCAL BUYING "PATCHY " SALES UP TO 9fd PER LB. New Zealand finest butter is selling on the London market at 78s to 81s per cwt., a shade easier than recent quotations. The market is quiet. Buying in Auckland has been "patchy" during the week. Offers were withdrawn toward the end of the period, but some business was done earlier at up to 9£d per lb. f.o.b. Ruling London prices are equal to 9jd per lb. f.o.b. Cheese prices are steady at up to 49s per cwt. for white, and 55s for coloured. The market is steady. Merchants have received the following cablegrams from their London principals, dated May 19: — Allen and Findlay, Limited, from Armour and Company, Limited.—Butter: New Zealand, salted, 78s to Sis; unsalted, 79s to 82s; Australian, salted and unsalted, 79s to 80s; Danish, 92s to 945. Cheese: New Zealand, white, 48s to *l9s; coloured, 54s to 555; Canadian, white, 64s to 70s; coloured, 64s to 725. Both markets are steady. Mr. H. S. Withers, from Mr. A. C. .Rowson.—Butter: First, 795; finest, 80s. Cheese: White, 48s to 495; coloured, 54s to 555. Both markets are quiet. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited.—Butter: Danish, 92s to 945; New Zealand, salted, 78s to 81s; finest to-day, 795; Australian, 77s to 795. Cheese: White, 48s to 495; coloured, 54s to 555. Both markets are easier,

Now Zealand Producers' Co-operative Marketing Association, Limited.—Butter; New Zealand, finest, 80s; first, 78s; Danish, 935. Cheese: White, 48s; coloured, 545. Both markets are quiet.

DAIRY BOARD'S REPORT

BUTTER STOCKS LOWER

Stocks of New ''Zealand butter in store at London on May 19 were 638 tons lower at 7580 tons than at the end of the previous week. Deliveries to the market during the week declined from 1895 tons to 1482 tons. The New Zealand Dairy Produce Board has received the following market report from its London office, dated May 19, last week's figures being given in parentheses:—

Butter.—New Zealand, salted, 78s to 81s (78s to 80s); unsalted, 79s to 82s (78s to 80s); 78s to 81s equals approximately 9|d f.0.b.; first whev, 72a (70s); second whey, 70s (68s). Deliveries: New Zealand, 1482 tons (last years 1280 tons); in store, 7580 tons (last year 4457 tons). Australian, salted, 77s to 795, exceptional 80s (76s to 78s); unsalted, 78s to 80s (76s to 78s). Deliveries: Australian, 1900 tons (last year 1062 tons) ; in store, 5100 tons (last year 1275 tons). The demand is quiet, and the price steady. Retail prices are unchanged. Argentine, unsalted, 72s to 76s (68s to 725); Danish, /Is f.0.b., 92s to 94s spot (quiet) (73s to 94s 6d}; Dutch, unsalted, 92s to 96s ( —); Latvian, salted, 78s to 80s ■'(unsalted 745); Lithuanian, salted, 76s (75s to 765); unsalted, 78s. The Empire Marketing "Board's estimated stocks of all butters, 987,673 boxes (last year, 460,434 boxes). Cheese.—New Zealand, white, 48s to 49s (ojd f.0.b.) (46s to 495); coloured, 54s to 55s (s|d f.0.b.) (52s to 545). Deliveries: New Zealand, 20,000 crates (last year, 17,421 crates); in store, 113,000 ' crates (last year,' 81,000 crates). Canadian, white, 66s to 72s (64s to 725); coloured, 68s (66s to 70s'". Deliveries: Canadian, 5150 boxes (last year, 2500 boxes); in store, 66,500 boxes (last year 78,235 boxes). English, finest farmers', 80s to 103s (80s to 102s). The market is steady. New Zealand retail price: White, 6d; coloured, 7d. ' The board has also received the following advice from its agents in Canada: —Butter: New York, 23J cents; Montreal, 17£ cents. MARKETING ARRANGEMENTS NO BLAME ATTACHABLE y "There is apparently a revival of ths tendency to blame marketing arrangements for the continuous fall in values, but the principal causes seem to be overlooked," states a market report from Samuel Page and Son, Limited, dated April 12, received by Dalgetv and Company, Limited. "Almost the sole reason for the present low price of butter, apart from the world-wide fall in all values, is, in our opinion, the enormous importation, and Great Britain lias simply been unable to absorb quickly enough the tremendous supplies. As for popr selling arrangements being responsible for low prices, it is interesting to note that* Canadian farmers are urging their Government to pass an anti-dumping bill as a protection against the low rates at which New Zealand is sending butter there. Buyers in the West Indies say our quotations are no longer competitive, as they can buy cheaper direct from New Zealand."

The report states: —"One important factor that is sometimes overlooked is the great falling-off in re-exports from England to other countries, .owing to foreign tariffs and restrictions. The reexports during the four months, November, 1931, ,to February, 1932; amounted to 12,770 tons, as* against only 2085 tons during the corresponding months of 1932-33, a decrease of about 11,000 tons. This figure approximates to the present stocks." Discussing tho margarine position, the report states that the sale of margarine, especially tho best grades, must necessarily have suffered from the low price of butter. However, there was a small section of the public which preferred still to buy high-class margarine, although good butter could be obtained at the same figure. $ LONDON HIDE SALES (Received May 21, 5.5 p.m.) LONDON, May 20 Hides were in better demand today at tho London sales. Quotations: —• Meatworks drv salted: Queensland, 35-451b., skl; '3O-401b., oijd; 25-351b„ SJ-d; 20-301b., sid. New South Wales, s£d, ojd, old and s id.' Wets, salted: Queensland, 50-601b., 4d; 40-501b., 4d. New South Wales, 4iJd and 4id. Victorian Abattoirs, 4Jd and 4d. MOTUROA OILFIELDS The report of Moturoa Oilfields, Limited, for the week ended May 19, states that No. 2 well produced 103 barrels (3780 Imperial gallons) of crude oil. TIN IN NEW YORK (Received May 21, 6.35 p.m.) NEW YORK. May 20 Tin (standard) is quoted to-day at 32.85 cents a lb., compared with 32.90 cents on May 17.